Firstpost
  • Home
  • Video Shows
    Vantage Firstpost America Firstpost Africa First Sports
  • World
    US News
  • Explainers
  • News
    India Opinion Cricket Tech Entertainment Sports Health Photostories
  • Asia Cup 2025
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
Trending:
  • Nepal protests
  • Nepal Protests Live
  • Vice-presidential elections
  • iPhone 17
  • IND vs PAK cricket
  • Israel-Hamas war
fp-logo
Why US banking giant Wells Fargo is creating back-office jobs in India
Whatsapp Facebook Twitter
Whatsapp Facebook Twitter
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
  • Home
  • World
  • Why US banking giant Wells Fargo is creating back-office jobs in India

Why US banking giant Wells Fargo is creating back-office jobs in India

Uttara Choudhury • December 20, 2014, 09:33:09 IST
Whatsapp Facebook Twitter

According to analysts, outsourcing of work to countries like India and the Philippines is a fait accompli in customer service, direct marketing, clinical research and information technology.

Advertisement
Subscribe Join Us
Add as a preferred source on Google
Prefer
Firstpost
On
Google
Why US banking giant Wells Fargo is creating back-office jobs in India

New York: American banking giant Wells Fargo & Co, is likely to shift some of its technology and back-office processing work away from the US, with many of the jobs being transferred to India and the Philippines.

Jobs in Wells Fargo’s technology, retirement division and other business lines could shift to India and the Philippines as part of a company wide review, said Bridget Braxton, a spokeswoman for Wells Fargo.

“We are pursuing a strategy for where we grow and where we shift resources over the long term both internationally and domestically,” Braxton told Firstpost on Thursday.

STORY CONTINUES BELOW THIS AD

[caption id=“attachment_353298” align=“alignleft” width=“380” caption=“Wells Fargo branch in Los Angeles. AP”] ![](https://images.firstpost.com/wp-content/uploads/2012/06/wellsFargos.jpg "wellsFargos") [/caption]

“The vast majority of our workforce will continue to be based in the United States,” she added. Braxton wouldn’t say how many jobs would be moved to India.

More from World
‘Groundless accusations’: Kremlin denies role in drone incursions in Poland ‘Groundless accusations’: Kremlin denies role in drone incursions in Poland As PM Modi and Xi reset bilateral ties, China’s EV giant BYD renews push into India As PM Modi and Xi reset bilateral ties, China’s EV giant BYD renews push into India

Wells Fargo, the 12th largest private US employer, had 265,000 full-time employees at the end of the first quarter. Braxton indicated that Wells Fargo employs 3,000 people in India and another 240 in the Philippines.

In September 2006, Wells Fargo opened a technology development center in Hyderabad. The Indian facility supports Wells Fargo’s banking software application development, testing and other tech functions for the bank. It is a key part of Wells Fargo’s technology information group in the US.

“Our customers are international and they expect round-the-clock service,” said Braxton, while explaining that a global workforce scattered in different time zones could help Wells Fargo better meet the demands of clients worldwide.

Impact Shorts

More Shorts
Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Oli resigns: Who Nepal Gen Z protesters will accept as next PM, Deuba, Prachanda or Koirala?

Oli resigns: Who Nepal Gen Z protesters will accept as next PM, Deuba, Prachanda or Koirala?

According to Reuters, Wells Fargo has said it would consolidate technology units and streamline staff functions as part of an efficiency initiative, called Project Compass.

David Carroll, Wells Fargos’ head of wealth management, brokerage and retirement services, told Reuters in February his business was looking at areas where it could use less expensive workers overseas, mostly for back-office processing tasks. Carroll told the news agency that his business has about 35,000 employees, with about 500 in India and Chile.

STORY CONTINUES BELOW THIS AD

Wells Fargo has told investors it aims to reduce quarterly expenses by about $1.7 billion to $11.25 billion by the end of this year. Wells Fargo will not be the first US bank to shift technology and processing tasks offshore to save costs.

In 2002, JPMorgan Chase, the second largest US bank, established the India Global Service Center (GSC) to support the bank’s businesses around the world. The bank’s cost-saving support operations in India have expanded into several facilities in Mumbai, Bangalore and Hyderabad and boast over 10,000 employees. JPMorgan Chase was one of the first banks to transfer not only back-office and call-center operations but also investment banking research functions to India. It also spends up to $300 million on outsourcing work to India’s Tata Consultancy Services, Cognizant Technology Solutions and Accenture.

A survey by Forrester Research on the growing trend of outsourcing, predicts that by 2015 a total of 3.4 million previously US-based positions and $136 billion in wages will have been relocated overseas. According to analysts, outsourcing of work to countries like India and the Philippines is a fait accompli in customer service, direct marketing, clinical research and information technology.

STORY CONTINUES BELOW THIS AD
Tags
United States ThisisNext banking Technology/Internet Outsourcing JPMorgan Chase Wells Fargo
End of Article
Latest News
Find us on YouTube
Subscribe
End of Article

Impact Shorts

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Khadga Prasad Sharma Oli remains caretaker PM amid chaos in Nepal. Protesters torched parliament, executive seat, Supreme Court, and presidential residence. President Paudel calls for dialogue as violence continues across the country.

More Impact Shorts

Top Stories

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Israel targets top Hamas leaders in Doha; Qatar, Iran condemn strike as violation of sovereignty

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Nepal: Oli to continue until new PM is sworn in, nation on edge as all branches of govt torched

Who is CP Radhakrishnan, India's next vice-president?

Who is CP Radhakrishnan, India's next vice-president?

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Israel informed US ahead of strikes on Hamas leaders in Doha, says White House

Top Shows

Vantage Firstpost America Firstpost Africa First Sports

QUICK LINKS

  • Trump-Zelenskyy meeting
Latest News About Firstpost
Most Searched Categories
  • Web Stories
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Tech/Auto
  • Entertainment
  • IPL 2025
NETWORK18 SITES
  • News18
  • Money Control
  • CNBC TV18
  • Forbes India
  • Advertise with us
  • Sitemap
Firstpost Logo

is on YouTube

Subscribe Now

Copyright @ 2024. Firstpost - All Rights Reserved

About Us Contact Us Privacy Policy Cookie Policy Terms Of Use
Home Video Shorts Live TV